Flex Space with Warehouse
For Sale
$2,475,000
Pending
2134 Industrial Drive, Bozeman, MT 59715
CommercialSale, Bozeman, MT
Property Size10,000 SF
Lot Size0.70 Acres
Days on Market177
Property Features for 2134 Industrial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
M1
Directions
From Griffin Drive, turn north on Industrial Drive. Building will be on the right side.
Subdivision
1NE - Boz N of Main/E of 19th
Standard status
Pending
APN
RFH2513
Size
9,876 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BOZEMAN INDUSTRIAL PARK, S31, T01 S, R06 E, ACRES 0.704, TRACT 5B, PLAT I-49-A PLUS PRIVATE ROAD
Tax Annual Amount
14209
Legal Description
BOZEMAN INDUSTRIAL PARK, S31, T01 S, R06 E, ACRES 0.704, TRACT 5B, PLAT I-49-A PLUS PRIVATE ROAD
Listing Agency:
Starner Commercial Real Estate
(406) 586-0302
Listed By:
Tom Starner · License #BRO-12265
(406) 539-0717
Added: Mar 2
Changed: Aug 19
Last Checked: Aug 26 at 11:06PM
MLS# 408964
Copyright © 2026 Big Sky Country MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space combines an approximately 6,000-square-foot warehouse on the main level with office improvements on both floors. The warehouse is largely open, features high ceilings, and includes a grade-level overhead door, loading dock, and several man doors. Main-level office areas include a showroom, three offices, a conference room, and a kitchenette. The upper level adds six offices, another conference room, and a kitchenette.
The property sits on a 0.704-acre lot at 2134 Industrial Drive in Bozeman, Montana. Entrances, restrooms, and the interior arrangement support potential division into multiple suites or configurations. Additional land area can accommodate truck parking or yard space, subject to applicable requirements.
The property sits on a 0.704-acre lot at 2134 Industrial Drive in Bozeman, Montana. Entrances, restrooms, and the interior arrangement support potential division into multiple suites or configurations. Additional land area can accommodate truck parking or yard space, subject to applicable requirements.
Key Highlights
- Approximately 6,000 SF of primarily open warehouse space with high ceilings
- Approximately 2,000 SF of main‑level office space with showroom, three offices, conference room, and kitchenette
- Second floor includes approximately 2,000 SF of office space with six offices, conference room, and kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$145,281
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,905,620
$2.9M
Cap Rate 7%
$2,075,443
$2.1M
Cap Rate 9%
$1,614,233
$1.6M
Market Conditions
NOI Build-Up for 9,876 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$207.4K $21.00/SF
− Vacancy
−$13.7K −$1.39/SF
EGI
$193.7K $19.61/SF
− OpEx
−$48.4K −$4.90/SF
NOI
$145.3K $14.71/SF
Area
Gallatin County, MT
Vacancy
6.60%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,905,620
Cap Rate 7%
$2,075,443
Cap Rate 9%
$1,614,233
Alternative Uses
Best Use
Office B
$2.08M
$1.82M – $2.42M
NOI $145,281 @ 7.0% cap · market cap 5.87%
Second Best
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,534 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,517 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 59715, MT
37,286
Population
17,116
Households
2.2
Avg Household Size
30
Median Age
68%
College-Educated
98%
High-School Grad
294.9 sq mi
ZIP Area
126
Density / Sq Mi
$85,000
Median Household Income
$31,646
Median Earnings
$1,376
Median Rent
$755,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed warehouse and office configuration with loading access and multiple office suites.
Where is this flex space located?
The property is located at 2134 Industrial Drive Bozeman, MT.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Approximately 6,000 SF of primarily open warehouse space with high ceilings; Approximately 2,000 SF of main‑level office space with showroom, three offices, conference room, and kitchenette; Second floor includes approximately 2,000 SF of office space with six offices, conference room, and kitchenette
